Reinsurance News

Egyptian investors acquire stake in Tokio Marine Takaful subsidiary

23rd December 2019 - Author: Charlie Wood

EFG Finance Holding, a subsidiary of Egyptian investment bank EFG Hermes, along with GB Capital, a wholly owned subsidiary of GB Auto, have entered into a definitive sale and purchase agreement to acquire a 75% stake in Tokio Marine Egypt Family Takaful.

mergers and acquisitionsThe deal is worth £4.1 million and is subject to regulatory approvals.

EFG Hermes Finance and GB Capital will each own 37.5% of the company.

Established in 2008, Tokio Marine Egypt Family Takaful has provided individual and corporate clients with a broad suite of Sharia-compliant life insurance products.

The company is a subsidiary of the largest property and casualty insurance group in Japan, Tokio Marine Group.

The group recently announced plans to acquire US high net worth insurance specialist Pure Group for $3.1 billion.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Risk Consulting Partners adds Aynessazian as MD of finance, operations

Risk Consulting Partners has announced the appointment of Colleen Aynessazian as its new managing director of finance and operations. Aynessazian...